MUMBAI (By Nivedita Bhattacharjee, Reuters) – Taxi hailing service Uber Technologies Inc [UBER.UL] has received fresh investment from Tata Opportunities Fund, a private equity fund advised by India’s Tata Capital, as it expands its business, the companies said.
The companies did not disclose the amount of investment but a source close to the matter said it was between $75 million and $100 million.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1788049,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,entrepreneur,","session":"A"}']Uber is also planning to increase the number of rides in the country to more than a million per month in the next six to nine months, the company’s India president, Amit Jain, told Reuters.
Industry sources said the company was averaging about 200,000 trips a month in India currently.
AI Weekly
The must-read newsletter for AI and Big Data industry written by Khari Johnson, Kyle Wiggers, and Seth Colaner.
Included with VentureBeat Insider and VentureBeat VIP memberships.
(Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Anupama Dwivedi)
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More